Shanghai Xinde Co – the local subsidiary of iron ore suppliers Xiamen Xinde Co – recently completed the first commercial offshore resale transaction in the Lin-gang Special Area, in East China's Shanghai.

Under its terms, Xinde Co directly resold high-quality electrolytic copper from Chile to customers in Singapore for about $2.3 million.

The Lin-gang Special Area released measures to boost the high-quality development of its offshore trading operations on Dec 17.

Xinde Co's offshore commercial resale transaction is said to have achieved a breakthrough in offshore trade in the area. In addition, the quick turnaround ostensibly showed that the Lin-gang Special Area Service Center for New Types and Forms of International Trade has established mature service capabilities in establishing enterprises, operations, functional innovations and industrial empowerment.

In the wake of specific measures to support new international trade introduced into the Lin-gang Special Area, the service center plans to work closely with relevant agencies to provide tailor-made innovative financial services and trade facilitation solutions for businesses to develop their offshore trading ventures.